Industrial IoT

How to Improve Customer Experience & Reduce Operating Costs with Data

2 min readBoost customer experience, reduce operational costs, and optimize spare parts replacement The IoT [...]

2 min read

Boost customer experience, reduce operational costs, and optimize spare parts replacement

The IoT is transforming next-generation operating models where data is at the heart of the customer experience. IoT data can be used to take action across multiple business units.

Product managers, service providers and marketing teams alike can use real-time data in a way that is both meaningful to customers and profitable for the company:

  1. Increasing customer engagement
  2. Reducing the cost of servicing products;
  3. Optimizing spare parts replacement and much more

But building a customer-centric product requires more than just connecting a device to the internet.

It’s about collecting data, deriving business insights and using those insights to enhance the product and the overall customer experience.

Case study: How a commercial equipment manufacturer used data to improve customer experience

Maximizing the potential of IoT data

Often times, IoT projects start and stop with the IT department. If your IoT project is not an organization-led strategy – that collects, aggregates and analyzes data from disparate sources –  it will not materialize into measurable business value.

It is still important to know the number of product faults, sales and product returns month over month, but if you cannot understand how all of  the characteristics of your connected install base relate to each other, you are not maximizing the potential of your IoT data.

Mnubo’s ‘Market Success’ dashboard

Mnubo’s Market Success dashboard empowers product manufacturers and service providers with pre-packaged applications that provide information on; where products are located, what versions are in the field, how many objects are (not) connected, objects at risk of churn, objects at risk of failure, etc.

The Market Success dashboard is divided into four sections:

The ‘Objects’ section scores the overall performance and quality of the products

  • Real-time operations
  • Global usage
  • Faults

The ‘user experience’ section monitors the users first interactions and experience with the products and paired mobile apps during the on-boarding period

  • Time to first use/pairing
  • Initial operation
  • Time to fault

The ‘lifecycle’ section measures the product’s health throughout its connected lifecycle

  • Time to activation
  • Time to customer operation
  • Connectivity health

Finally the ‘engagement’ section measures the steady-state user engagement with the products

  • Active vs. inactive vs. standby products
  • Probability of customers churning

Key advantages of Mnubo’s ‘Market Success’ dashboard:

  • Empowers product manufacturers and service providers with key performance indicators.
  • Allows connected product managers, sales and marketing teams, as well as C-Level executives to measure the week-over-week progress of product performance and  customer engagement.

Are you ready to start analyzing your data?

GET STARTED WITH MNUBO